Bank of England Reduces Bank Rate
Economists had widely predicted that the cost of borrowing would fall this month due to indications that economic growth is slowing down.
Commenting on the move by the Bank's monetary policy committee, the Council of Mortgage Lenders stated that consumers would be likely to benefit.
Michael Coogan, director general of the organisation, said: "A reduction in interest rates is exactly what the market needs"
08 Jan 2008